If you decide to file for divorce in Michigan, there are many factors to consider. One of the most troublesome aspects of divorce for some couples is property division. This is especially true if the couple has a lot of assets.
A high asset divorce can be lengthier and more contentious than a more traditional split, as evidenced by a couple who has been going through proceedings for two and a half years. In this time, the wife of a multimillionaire failed to show up at court for hearings and even refused to attend the trail. She changed lawyers several times throughout the proceedings and filed a racketeering lawsuit against her husband, a former hedge fund analyst.
Recently, this case became even more combative after a judge sentenced the woman 31 days in jail, a move which is very unusual in divorce proceedings. The jail time was ordered after the woman fled with millions of dollars from her husband. Her lawyer indicated that the jail time humbled the woman, and after signing a settlement agreement in which she promised to return a portion of the missing money, she was released from jail after eight days. In the settlement, which was negotiated between lawyers, the wife will get to keep $7 million.
Asset division can be a sensitive and complicated matter in both high asset and low asset divorces. Throughout the course of a marriage, people can become attached to certain items and feel they have a right to retain those assets. If you are contemplating a divorce, you may want to contact an attorney to discuss division of property.
Source: The Journal News, “Wife in divorce let out of jail after taking off with millions,” Erik Shilling, July 24, 2013